After the company reported its tenth consecutive quarter of topline growth last week, insiders of Calgary’s Zedi bought shares in the open market. Last week, Calgary-based Zedi (TSXV:ZED) reported its Q2 numbers.
The company earned $1.15-million before tax on revenues of of $26.56-million, which was a 30% increase over the $20.45-million the company booked in last year’s Q2. It was the tenth consecutive quarter of record revenues for Zedi.
The market, however, yawned at Zedi’s numbers; shares were down a penny to $.78 cents on August 16th, then rose by a mere penny to $.79 cents the following day, on light volume.
Company insiders, however, are expressing a little more excitement about the news.
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Insider Debra Deane picked up 718 shares at $.79 cents yesterday. She was then joined by CFO Grant Exner, who bought 1255 shares at the same price. Insider James Freeman bought 2658 shares, also at $.79 cents. COO Clement Gaudet picked up a little, just 33 shares. Corporate Secretary Robert Gordon bought 3254 shares at $.79 cents. Insider Roderick Heard bought 1185 shares. Chief Scientific Officer Tokunosuke Ito bought 244 shares, and Senior VP Ilario (Larry) Spagnolo made the biggest bet, buying 28576 shares at $.79 cents. CEO Matthew Heffernan bought 1846 shares at $.79 cents.
Calgary-based Zedi, which owns and licenses technologies designed to optimize oil production, has grown its revenue from from $29 million in fiscal 2007 to $90.9 million in fiscal 2011. Zedi’s success in scaling its operations through acquisitions sent company management to expand its footprint to the United States, where the use of technology in the oil patch is becoming more of a competitive necessity than a luxury. Zedi, which celebrates its twenty-fifth birthday this year, now has twelve offices in the United States and provides services in twenty-five countries.
At press time, shares of Zedi were down 2.5% to $.77 cents.